Paramount completes Warner Bros merger in historic media deal to create Skydance
(Bloomberg) -- Paramount Skydance Corp. closed its $110 billion acquisition of Warner Bros. Discovery Inc. on Tuesday, completing one of the biggest media mergers of all time after engaging in a bruising battle for control with Netflix Inc. and fending off antitrust lawsuits.
Paramount and Warner Bros completed their $110 billion merger on Tuesday, forming the new company Skydance. The merger unites two of the top five Hollywood film studios, encompassing major franchises like Harry Potter and Mission Impossible. Skydance will also oversee dozens of TV networks, including CBS and TNT, as well as two major subscription streaming services, Paramount+ and HBO Max.
The new CEO, David Ellison, recently combined Skydance Media with Paramount, and Ynon Kreiz, formerly of Mattel, has been appointed co-CEO. Ellison will maintain creative control and relationships with talent, while Kreiz oversees day-to-day operations. With nearly $80 billion in debt, Skydance must navigate a strict schedule of theatrical releases and face antitrust concerns.
Despite challenges, Ellison insists the merger is vital for competing with streaming giants like Netflix, Disney, Amazon, and Apple.
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